Peralta was traded to the Tigers for pitcher Giovanni Soto (not to be confused with Cubs' catcher Geovany Soto). The Indias apparently also threw in some cash. Honestly, I would have thought they could get more for Peralta - he's a seasoned major leaguer. But he's having a lousy year and Mark Shapiro sucks and always makes awful trades.
I won't pretend to know the slighest about Soto - sorry, I'm just not that plugged into most other teams' single A affiliates. He had really good numbers last season in rookie ball (4-0 with a 1.18 ERA, but he walked 20 batters compared to 37 strikeouts over 45 2/3 innings). This season in single A, he's 6-6 with a 2.61 ERA. The strikeouts have remained pretty stable (76 in 85 2/3) but he's cut down the walk rate (25 walks this season).
The Indians weren't going to pick up Peralta's option next year anyway so it made sense to try and get something for him. The Tigers currently have Magglio Ordonez, Brandon Inge and Carlos Guillen on the DL so they needed a bat badly and got Peralta cheap to see if maybe they can hang on in the divisional race.
Luis Valbuena was recalled to take Peralta's roster spot with the Tribe.
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